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Extension of time for deposit of capital gains in the Capital Gains Accounts Scheme, 1988
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....p; All Chief Commissioners and Directors-General of Income-tax. Sir, Subject: Extension of time for deposit of capital gains in the Capital Gains Accounts Scheme, 1988. Under sections 54, 54B, 54D, 54F and 54G of the Income-tax Act, 1961, the capital gain....
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.... a new sub-section (2) which makes it obligatory on the part of the taxpayer to deposit the amount of capital gains not yet utilised for the purpose of purchase or construction of a residential house, in any bank in accordance with the Scheme framed by the Central Government for this purpose. A provision similar to sub-section (2) of section 54 was incorporated in sections 54B, 54D, 54F and 54G of....
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....the specified banks may not have been in a position to do so. For the benefit of such taxpayers, who had to furnish the return of income by 30th of June, the time limit for the deposit and the due date for the furnishing of the return of income has been extended up to the 31st of July, 1988. In cases, where the due date of furnishing the return of income is 30th of June, the time limit for the dep....